Method for managing group finances via an electronic network

ABSTRACT

The present invention provides a method of managing group finances via an electronic network. Transaction details are received from a member of group via an electronic network. The transaction details preferably include a shared expense containing an expense amount and at least one group member responsible for the expense. The transaction details are then assigned to the group and a payment specified-by the-transaction-details is allocated-among-group members-of-the-group. The method is repeated for a plurality of transactions. The finances of the group may also be balanced using accounting mathematics. Furthermore, an original expense value may be rounded up to a new expense value having a predefined number of decimal places, and a difference distributed between the new expense value and the original expense value to a third party.

RELATED APPLICATION

The present application is a continuation of U.S. patent applicationSer. No. 09/633,962 filed on Aug. 8, 2000 now U.S. Pat. No. 7,343,335and entitled “Method For Managing Group Finances Via An ElectronicNetwork”, which application is incorporated herein by reference.

TECHNICAL FIELD

The present invention relates generally to electronic commerce and moreparticularly to online management of group finances via an electronicnetwork.

BACKGROUND OF THE INVENTION

Recently, with the tremendous growth of the Internet, numerous Internetbased companies have emerged which provide a service which allowsindividuals to pay all of their bills online at a single Web-site. Suchcompanies include Statusfactory.com®, Paytrust.com®, andPaymybills.com®, to name but a few. Individuals can have their billsredirected to one of the aforementioned companies who capture theirbills and present them to the individual on a Web-site. The individualcan then pay his or her bills directly through the Web-site and/or setup rules for the automatic payment of any bills received. Individualsusing such sites, therefore, no longer have to review each bill sent tothem from creditors, write checks out to those creditors, and post thechecks to each creditor thus saving time, and costs such as stamp costsand any late payment charges should they fail to pay a bill on time. Ithas been estimated that about 30 million households currently make useof online banking and bill payment.

Such services, however, are typically only directed at individuals. Todate, no easy means exists which addresses the problems that arise whenindividuals participating in group related activities spend money onbehalf of the group. Group activities, such as joint ventures, skitrips, bachelor parties, shared households, office lunch groups, andclubs and organizations often lead to complicated settlementarrangements. For example, consider the life of three roommates: oneperson buys supplies for a housewarming party, while another pays thegas and phone bill. The third roommate pays the electric bill and for apizza on Superbowl Sunday. The financial inter-obligations becomeunwieldy with only a few transactions. This problem arises any timeindividuals spend money together, not just in shared householdsituations where it is estimated that there are 74 million sharedhouseholds in the U.S. (American Housing Survey for the United States:1997), but also for office lunch groups, clubs, events, parties, wishlists, investment groups, wagering pools, organizations, clubs, or thelike.

Person-to-person (P2P) payment providers such as PayPal.com® andPayMe.com® have emerged that offer payments and payment requests fromone consumer to another. A popular application of this P2P technologyinvolves the payment for goods purchased at online auction sites. Whilethe P2P providers offer robust payment options for consumers, includinga transaction history for individuals, none address the need for groupaccounting. These are payment solutions only and do not allow for thetracking of expenses and transactions unless a payment has occurred.

Furthermore, companies such as Intuit® offers a personal accountingsoftware. Personal accounting software allows individuals to track theirpersonal expenses and transactions on an on-going basis. Again, however,there is no group accounting functionality available and there are nofeatures designed to track group expenses and group transactions.

Therefore, a convenient system whereby group members can view, split,balance a group's finances, pay group expenses, and deposit money into agroup account would be highly desirable.

BRIEF DESCRIPTION OF THE DRAWINGS

For a better understanding of the nature and objects of the invention,reference should be made to the following detailed description, taken inconjunction with the accompanying drawings, in which:

FIG. 1 is a diagrammatic view of an electronic network for managing thefinances of a group in accordance with an embodiment of the presentinvention;

FIG. 2 is a flow chart of an application server side method of managingthe finances of group in accordance with an embodiment of the presentinvention;

FIG. 3 is a continuation of the flow chart of FIG. 2;

FIG. 4 is a continuation of the flow chart of FIG. 3;

FIG. 5 is a continuation of the flow chart of FIG. 4;

FIG. 6 is an illustration of a graphical user interface of a “Home startpage” used in accordance with an embodiment of the invention;

FIG. 7 is an illustration of a graphical user interface of a “Memberpage” used in accordance with an embodiment of the invention;

FIG. 8 is an illustration of a graphical user interface of a “Groupsummary page” used in accordance with an embodiment of the invention;

FIG. 9 is an illustration of a graphical user interface of a “Specificgroup's summary page” used in accordance with an embodiment of theinvention;

FIG. 10 is an illustration of a graphical user interface of a“Transaction history page” used in accordance with an embodiment of theinvention;

FIG. 11 is an illustration of a graphical user interface of an “Add newtransaction page” used in accordance with an embodiment of theinvention;

FIG. 12 is an illustration of a graphical user interface of a “Complextransaction page” used in accordance with an embodiment of theinvention;

FIG. 13 is an illustration of a graphical user interface of a “Groupoptions page” used in accordance with an embodiment of the invention;

FIG. 14 is an illustration of a graphical user interface of a “Join anexisting group page” used in accordance with an embodiment of theinvention; and

FIG. 15 is an illustration of a graphical user interface of a “Create anew group page” used in accordance with an embodiment of the invention;

Like reference numerals refer to corresponding parts throughout theseveral views of the drawings.

DETAILED DESCRIPTION OF THE INVENTION

FIG. 1 is a diagrammatic view of an electronic network 100 for managingthe finances of a group in accordance with an embodiment of the presentinvention. Network 100 comprises a series of points or nodesinterconnected by communication paths. Network 100 may interconnect withother networks, contains subnetworks and may be embodied by way of alocal area network (LAN), a metropolitan area network (MAN), a wide areanetwork (WAN), or a global network (the Internet). The network 100 mayfurther be characterized by the type of access service used, such asPSTN (Public Switched Telephone Network), ISDN (Integrated ServicesDigital Network), DSL (Digital Subscriber Line), ATM (AsynchronousTransfer Mode), T-carrier system, etc. In addition, network 100 may becharacterized by the type of protocols used on it, such as TCP/IP(Transmission Control Protocol/Internet Protocol), NetBEUI (NetBIOSExtended User Interface), or IPX/SPX (Internetwork PacketExchange/Sequenced Packet Exchange). Additionally, network 100 may becharacterized by whether it carries voice, data, or both kinds ofsignals; by who can use the network 100 (whether it is public orprivate); and by the usual nature of its connections (e.g. dial-up,dedicated, switched, non-switched, or virtual connections).

Network 100 connects a plurality of group members 102 to 110, andfinancial institutions 112 to at least one application server 164. Thisconnection is made via a communication network 114 which may for examplecomprise an Intranet, wireless network, or preferably the Internet. Theconnection is made via communication links 162, which may, for example,be-coaxial cable, copper wire (including PSTN), optical fiber, wireless,microwave, or satellite links.

For ease of explanation, the individual or entity that controls theapplication server 164 will hereinafter be referred to as the serviceprovider. It should be understood that the group members, financialinstitutions, and/or the service provider may be individuals,businesses, organizations or the like. Furthermore, the service providerand the financial institutions may be distinct entities or a singleentity.

As used herein, a group member is defined as any individual who formspart of a group set up by group members with the service provider.Financial institutions, as used herein, incorporates all financialservices organizations, such as banks or the like.

Application server 164 preferably comprises at least one data processoror central processing unit (CPU) 158, a memory 116, user interfacedevices 156, a communications interface circuit 160, and at least onebus 154 that interconnects these elements. Memory 116 preferablyincludes an operating system 118 (such as Windows NT™, Linux™, orMacOS™), which stores instructions for communicating, processing data,accessing data, storing data, searching data, etc. Memory 116 alsoincludes remote access procedures 120, email procedures 142, accountingprocedures 144, funds-in procedures 146, funds-out procedures 148, Webserver procedures 150, Web pages 152, and a group database 124. Groupdatabase 124 preferably includes group profiles 126 and 134. Each groupprofile 126 or 134 preferably contains a number of member profiles 130,132, 138, and 140. Each member profile 130, 132, 138, or 140 preferablycontains member information, such as group member details, memberaccount details, financial institution details, etc. Each group profile126 or 134 preferably also includes a rule module 128 or 136. Thevarious procedures and the group database 124 will be explained infurther detail below.

Group members 102 to 110 typically access the communication network 114via remote client computing devices, such as desktop computers, handheldcomputers, personal digital assistants (PDAs), or the like. Thefinancial institutions 112 include a financial institution serversimilar to the application server 164. The client computing devices andfinancial institution server preferably also include a data processor orcentral processing unit (CPU), user interface devices, communicationsinterface circuits, memory, and buses similar to those described inrelation to application server 164.

Group members 102 to 110 preferably connect to the communication network114 using an Internet browser, such as Microsoft's Internet Explorer® orNetscape's Navigator®, via their computing device's communicationinterface circuit, which preferably comprises a modem or networkinterface card (NIC). The path of data between the computing devices andthe communication network is preferably: Internet Browser→Winsock(TCP/IP module of Windows®)→(modem or NIC)→ISP Modem orHub→Router→Internet. Once connected to the communication network, thegroup members navigate to a uniform resource locator (URL) pointing tothe application server's home Web-site. The application server 164 thendelivers Web pages 152 using Web server procedures 150.

FIG. 2 is flow chart of a method for managing group finances via anelectronic network according to an embodiment of the invention. Theapplication server (164 of FIG. 1) using the web server procedures (150of FIG. 1) and Web pages (152 of FIG. 1) generates a “home start page”(step 202) an embodiment of which is shown in FIG. 6. The system thendetermines whether a group member would like to log into the system(step 206). In a preferred embodiment of the invention, if a groupmember would like to log into the system, the system receives logindetails, such as a username or email address (610 of FIG. 6) andpassword (612 of FIG. 6), at 212, and then generates and displays a“group summary page” (step 216) an embodiment of which is shown in FIG.8. All communication after login is secure, preferably use SSL (SecureSockets Layer) technology. If a group member does not want to login(step 206) the system then determines if the person accessing the systemis a new member (step 204). If the person accessing the system is not anew member, the system then determines if the person accessing thesystem would like to add to, or join, an existing group (502 of FIG. 5).If the person accessing the system is a new member, the system generatesa “new member page” (step 208), an embodiment of which is shown in FIG.7, and receives the new member's details (step 210). The system thendetermines (step 214) whether the person accessing the system would liketo store their details or not. If the new member would not like to storehis/her details, i.e. cancels the new member application, the systemeither generates the start page (step 202) or if the member has modifiedhis/her details (as explained in relation to FIG. 3), the systemgenerates a (unmodified) group summary page (step 216). If the newmember would like to store his/her details, the system stores the newmember's registration details, (step 218), and then generates the groupsummary page (step 216). In this way a group fund is preferablyestablished for plurality of group members.

The system then determines (step 220) whether the group member wouldlike to view the details for any of the groups that he/she belongs to.If the group member would like to view a group's details, the systemgenerates and displays a summary page for a selected group (step 222),an embodiment of which is shown in FIG. 9. The system then determines(step 224) whether the group member would like to invite anotherindividual to join a group. If the group member would like to invite anew member to join a group, the new member is invited (step 226)preferably by email. This could be, for example, where a new personmoves into a shared expenses apartment. After the new member has beeninvited to join a group the selected group's summary page is againgenerated and displayed (step 222). If the group member would not liketo invite a new member to join a group, the system then determines ifthe group member would like to email another individual (306 of FIG. 3).If the group member would not like to view a group's details (step 220)the system then determines whether the group member would like to beremoved from a specific group (302 of FIG. 3).

FIG. 3 is a continuation of the flow chart of FIG. 2. If the groupmember would not like to invite a new member to join a group, the systemdetermines if the group member would like to email another individual(step 306). This may be the case, for example, where the member wouldsimply like to send an email to another member or members, or the groupmember would like to re-invite an individual to join a group. If thegroup member would like to send an email, an email is generated and sent(step 308) and the selected group summary page is re-displayed (222 ofFIG. 2). If the member does not want to send an email, the systemdetermines whether the member would like to view a group's transactiondetails (step 312). If the system determines that the member would liketo view a group's transaction details, a “transaction history page” isgenerated and displayed to the member (step 310), an embodiment of whichis shown in FIG. 10. The system then determines whether the member wouldlike to modify or delete any transactions, at 316. If the member wouldnot like to modify or delete any transactions, the selected groupsummary page is re-displayed (222 of FIG. 2). If the member would liketo modify or delete any transactions, the modifications or deletions aremade (step 318) after which the group summary page is re-displayed (222of FIG. 2).

If the system determines that the member would not like to view aselected group's transaction details (step 312) the system thendetermines whether the group member would like to add a new transaction(step 320). The new transaction may be a new group expense or a paymentfrom a group member to a group. If the system determines that a groupmember would like to add a new transaction (step 320), a “add newtransaction page” is generated and displayed to the group member (step326), an embodiment of which is shown in FIG. 11.

Once the group member has added a new transaction, the new transactiondetails are received (step 328) and added to that specific group'sprofile (128 and 134 of FIG. 1). The transaction details preferablyinclude a shared expense of the group, containing an expense amount andat least one group member responsible for the expense. Alternatively,the transaction details may include remuneration details from a groupmember, such as the member's account details at a financial institutionand the amount he or she should be remunerated. The system thendetermines if the transaction involves a simple or a complex allocation(404 of FIG. 4). If the system determines that a group member would notlike to add a new transaction (step 320), the system determines whetherthe user would like to remove a member from the group (step 302).

FIG. 4 is a continuation of the flow chart of FIG. 3. If the systemdetermines that the transaction involves a complex allocation (step404), such as splitting or dividing financial obligations like anexpense among some or all of a group's members, a “complex allocationpage” is generated and displayed (step 402). Once the member hassubmitted the complex allocation details, these details are received(step 406). In either the complex or simple allocation cases, thetransaction is processed (step 408) using the rule modules (128 and 136of FIG. 1) for each group, together with the accounting procedures (144of FIG. 1). This processing of the transaction generally includesallocating each transaction to a group and assigning payments includedin the transaction among group members. This may preferably includedebiting a group fund with an expense specified in the transactiondetails and allotting the expense among the group members in a mannerspecified in the transaction details. Alternatively, this may includecrediting the group fund with remuneration specified in the transactiondetails and allotting the remuneration among the group members in amanner specified in the transaction details. This allocation andassignment is described in further detail below in relation to FIG. 11.

The system then determines whether the transaction involves a payment toor from a group fund (step 412). A group fund is a fund set up by thegroup members for a special purpose. Such a fund might be a “car poolfund”, “a gift fund”, “a phone bill fund” or any of a variety of accountused to collect commitments and unallocated expenses. For example, afund might be set up to purchase a gift where everyone is asked to putin $50 beforehand. In this case, a commitment of $50 is collected in thegroup fund from each member. If the transaction involves a payment to orfrom a group fund, then an allocation to a specific group fund and anassignment between individual group members of that group fund is made(step 410). All financial balancing calculations are preferablyundertaken using standard accounting mathematics.

During any of its accounting calculations, the system preferably roundoff all original expense values to a new expense value having apredefined number of decimal places, and distributes a differencebetween the new expense value and the original expense value to arounding account of a third party, preferably the service provider. Forexample, say an expense of $10 must be split between three groupmembers, John, Nancy and Susan. Each group member would, therefore, owe$10/3=$3.333 . . . . The system may round the amount owed to a setnumber of decimal places. If John paid $10 for an expense to be splitamong John, Nancy, and Susan, the expense is rounded up to $3.34 foreach person. If, however, John owes $10 for an expense to be split amongJohn, Nancy, and Susan, then the expense is rounded down to $3.33, whichis paid to each group member. In both cases, the remainder of $0.1 iscredited to a rounding account for the benefit of a group or a thirdparty, such as the service provider. After the system determines whetherthe transaction involves a payment to or from a group fund (step 412),the system determines whether during any of its accounting calculations,a remainder was generated (step 416) and if so assigns the remainder tothe rounding account (step 416).

The system then determines (step 420) whether any members have beendeleted or have left a group. When members are deleted from the group,their balance is assigned to a “Deleted Members” account for non-members(step 418). The group may allocate those funds whenever they wish. Thisallocation may be a proportional split between group members or may varydepending on the rules module (128 or 136 of FIG. 1) set up for thatgroup.

The system then preferably determines whether according to the rulesmodule, a group member should be charged interest for paying late orshould be paid interest for paying early. Such a charge or payment ofinterest is established either by the group members or by the serviceprovider. For example, an investment group may require an appropriateeconomic return to members that pay for stocks on behalf of othermembers. An alternative embodiment utilizes an interest spread where agroup member is charged a higher interest for a late payment than thatpayed out to an group member who makes an early payment. A third party,such as the service provider, retains the difference between theinterest received and the interest payed out (the interest difference).For example, a group member who makes an early payment may be paid say19% interest on the funds payed until such time as the expense is due. Agroup member who pays after the expense is due may be charged 21%interest until such time that he/she pays the group. The differencebetween the 21% and the 19%, i.e. 2%, is kept by the service provider.Therefore, the system determines (step 424) whether any interest is due,and assigns the interest to the necessary accounts (step 422). In thecase where an interest spread is used, the interest difference may beassigned to a separate interest account or to the rounding account. Thesystem then generates and displays the summary page (step 222 of FIG.2).

Returning to FIG. 3, if the system determines that the group memberwould like to be removed from a specific group (step 302), that personis removed from the group (step 304). The rules module for that groupmay be set up so that only under certain conditions may a member beremoved, such as when a member is delinquent in paying his/her sharetowards a group expense. If the system determines that the group memberwould not like to be removed from a specific group (step 302), thesystem then determines whether the member would like to change hismember details or options (step 314). If the member would like to changehis/her options, a “member page” is generated (step 208 of FIG. 2) andthe modified details received (step 210 of FIG. 2).

If the member does not want to change his/her options (step 314), thesystem then determines if any member would like to settle up his/herobligations (pay what is owed) to the group account (step 322). If amember would like to settle up, a “settle up page” is generated (step324) wherein a member can enter information to settle up his/herobligations, such as financial institution information, account numbers,amounts, etc. This payment information is received (step 330), theaccount is balanced (step 332), and depending on the page the member waspreviously viewing, the member is displayed either the group summarypage (216 of FIG. 1) or the selected group summary page (222 of FIG. 1).

If a member does not want to settle up, the system determines whether amember would like to ask the other members of a group to settle up (step334). If the system determines that a member would like to ask the othermembers of a group to settle up, the system contacts the other members,preferably via email, to settle up the group account (step 336).Depending on the page the member was previously viewing, the member isdisplayed either the group summary page (216 of FIG. 1) or the selectedgroup summary page (222 of FIG. 1). If the system determines that amember does not want to ask the other members of a group to settle up,the system determines whether the member would like join anotherexisting group (step 504 of FIG. 5).

FIG. 5 is a continuation of the flow chart of FIG. 4. If the systemdetermines that the member wants to join another existing group, thesystem generates a “join a new group page” (step 506), an embodiment ofwhich is shown in FIG. 15. Details, such as the members email address,are entered into the join a new group page and received (step 508). Ifall the other members of the group that the member would like to joinaccept the member to their group (step 510) the member is added to thegroup and the group summary page is displayed (step 216 of FIG. 2).

If the system determines that the member does not want to join anotherexisting group (step 504), the system then determines whether the memberwould like to start a new group (step 514). If the member would like tostart a new group, a “new group page” is generated (step 512) and newgroup details are received (step 516) and saved in a new group profile.The system then determines whether the member would like to exit thesystem (step 518). If the member would like to exit the system, themember is exited from the secure part of the system and the start pageis displayed (step 202 of FIG. 2). If the member does not want to exitthe system, either the group summary page (216 of FIG. 1) or theselected group summary page (222 of FIG. 1) is displayed depending onthe page the member was previously viewing.

FIG. 6 is an illustration of a graphical user interface of a “Home startpage” 600 used in accordance with an embodiment of the invention. Togain access to the system, a member typically enters security details,such as an email 610 address and password 612. If the user is new,he/she may register with the system by clicking on the new user button618, which will displays a “modify personal info page”, similar to thatshown in FIG. 7. A member may also start a new group by either clickingon the “Start new group” button 602, or by clicking on any one of anumber of standard groups 614 set up for different group activities,such as for joint camping trips. Clicking on either the start new groupbutton 602 or standard groups 614 will display a “Create new grouppage”, as shown in FIG. 15. If the member would like to add an expenseto the group account, he/she may do so my clicking on either the “Addexpense” button 604 or any one of numerous set expenses 616, such asjoint grocery expenses. Clicking on either the add expense button 604 orone of numerous set expenses 616, will display an “Add transactionpage”, as shown in FIG. 11. A member may also deposit funds, or withdrawfunds by clicking on a pay/withdraw button 606. Such withdrawal ordeposit may occur electronically, such as via a credit card orelectronic check.

FIG. 7 is an illustration of a graphical user interface of a “Memberpage” 700 used in accordance with an embodiment of the invention. Thispage is displayed when signing up a new member or when a member modifieshis/her details. Details, such as member name 702, email address, andpassword 704, are entered into the various fields on the page. Byclicking on the “Finish” button 708, the member's details are saved intoa member profile for that user (130, 132, 138, or 140 of FIG. 1), afterwhich a “group summary page” is displayed, as shown in FIG. 8. Clickingon the cancel button 710 returns the member to the page he/she waspreviously viewing, without saving the member's details.

FIG. 8 is an illustration of a graphical user interface of a “Groupsummary page” 800 used in accordance with an embodiment of theinvention. Each group 802 that the user belongs to is displayedseparately. Various options are provided for each group. Clicking on the“details” button 804 displays further details about the group accountdisplayed in a “Specific group's summary page”, as shown in FIG. 9.Clicking on the “remove me” button 808 removes the member from thatgroup. Clicking on the “Settle up” button 806 allows the member tosettle up his/her obligations with that group by preferablyelectronically transferring funds into the group account from themembers bank account at a financial institution. Clicking on the “Asksfolks to settle up” button 810 balances the group account and contactsthe other members of that group, preferably via email, asking them tosettle up their financial obligations with the group. A member may addanother group or join an existing group by clicking on the “Add/Join agroup” button 812. A member may furthermore adjust group options byclicking on the “Personal Options” button 814, after which an “optionspage” is displayed as per FIG. 13.

FIG. 9 is an illustration of a graphical user interface of a “Specificgroup's summary page” 900 used in accordance with an embodiment of theinvention. This page displays summary details for a specific member in aspecific group. Summary details preferably include the member'sfinancial obligations to the group 902 as well as other members'financial obligations to the group 912. Clicking on the “Settle theslush fund” button 904 or the “Request settlement” button 1018 balancesthe group fund and contacts the other members of that group, preferablyvia email, asking them to settle up their financial obligations with thegroup. Clicking on the “Claim cash” button 906 allows the member towithdraw any funds owing to him/her from the group. Withdrawal of fundspreferably occurs electronically by transferring funds from the groupaccount to the member's account at a financial institution, but mayoccur via a credit card or an electronic or traditional check. Clickingon the “Remove/Allocate this” button 908 allows a member to removehimself from a group, thereby allocating any of his financialobligations between the remaining group members. If a potential memberhas been invited to join the group but has not yet joined, the membermay click on the “Invite again” button 914 to contact the potentialmember to join the group. Likewise, entering an email address into theform provided and clicking on the “Add members” button 916 sends anemail to the supplied email address inviting a potential member to jointhe group. Any member may also post a message to a message-board on thespecific group's summary page by clicking on the “Post new messagebutton” 918. A member may add a new transaction by clicking on the “Addnew transaction” button 1016 which displays an “Add new transactionpage”, as shown in FIG. 11. A member may adjust his or her personaloptions by clicking on the “Personal Options” button 1022. A member canview the groups transaction history by clicking on the “view history”button 1024 which displays a “transaction history page”, as shown inFIG. 10. A member may add another group or join an existing group byclicking on the “Add/Join a group” button 1026. A member may adjust agroup's options by clicking on the “Group administration” button 1028,after which an “options page” is displayed as per FIG. 13. Finally, themember may return to the group summary page by clicking on the “Groupsummary” button 1020.

FIG. 10 is an illustration of a graphical user interface of a“Transaction history page” 1000 used in accordance with an embodiment ofthe invention. This page displays a specific group's transaction history1032. A member can precisely adjust what part of the transaction historyis displayed by entering a date range into forms 1002 and 1004,adjusting the pull down menu to display either an individual member of agroup or the entire group 1034, adjusting the pull down menu 1006 toshow who entered the transaction into the system, and/or adjusting thepull down menu 1008 to display which categories should be displayed.

Each group has a group type associated with it. So, one may have a“roommate” type group, a “party” type of group, or an “office pool” typeof group. Each group has a given set of categories associated with it.Additionally, each group can add group specific categories. Categoriespreferably include “All categories”, expenses, withdrawals, deposits,and any default or custom categories associated with the specific group.After adjusting the dates and pull down menus, the member clicks on the“search” button 1010 to initiate the search for the adjusted-transactionhistory details which are then displayed. Individual transactions may bedeleted or modified by clicking on the “delete” 1012 or “modify” 1014buttons respectively. The member may return to the “specific group'ssummary page” by clicking on the “Group detail” button 1030.

FIG. 11 is an illustration of a graphical user interface of an “Add newtransaction page” 1100 used in accordance with an embodiment of theinvention. This page is used by a member to add a new transaction to agroup account. A transaction date is set to a default of the date thetransaction page is displayed. The member may, however, change this dateby modifying the date displayed in the transaction date field 1102. Themember then selects a member or members of the group who began orinitiated the transaction, such as an individual member, each member, orsome or all the members. The member then adjusts a pull down menu 1104showing what the selected member/s did, such as paid an amount on behalfof the group or deposited an amount into the group. The member entersthe amount of the transaction in an amount field 1108. The member thenassigns the transaction to individual members, each member, or some orall of the members. Assignment of the transaction is an assignment ofthe obligation for that transaction. A description of the transaction isentered by adjusting the pull down menu 1110 and 1114. To save thetransaction and continue, the member clicks on the “Continue” button1116. To cancel the transaction without saving the member clicks on the“Cancel” button 1118. If the transaction is complex, i.e. involves amore complex allocation or assignment of the transaction, such assplitting the transaction between group members, a “Complex transactionpage” is displayed, as per FIG. 12.

FIG. 12 is an illustration of a graphical user interface of a “Complextransaction page” 1200 used in accordance with an embodiment of theinvention. The complex transaction page allows a member to divideexpenses up between members of a group. Each part of the split expenseamount is entered separately for each member 1202. If a particularmember is not responsible for any part of the expense, they may beexcluded by checking an “exclude” box 1204. Alternatively, if the amountis to be split evenly between members, the member entering thetransaction may click the “Split Evenly” button 1210 which will splitthe expense evenly between all the members (except those excluded).Clicking on the “Clear” button 1206 clears all split amounts, whileclicking on the “Done” button 1208 saves the split amounts, and clickingon the “Cancel” button 1212 exits from this screen without saving.

FIG. 13 is an illustration of a graphical user interface of a “GroupOptions page” 1300 used in accordance with an embodiment of theinvention. This page allows members to change the options of aparticular group. By selecting the group as either public or private1302 the members can allow or forbid other individuals to apply to joina group. In the case of a private group, only the members can inviteanother individual to join a group, where the individual is not madeaware of the group prior to such an invitation. The members can alsoselect whether they would like the system to automatically remindmembers 1304, preferably via email, to settle up after each transaction.Alternatively, the system may be set only to remind members to settle upwhen someone owes, or is owed, more that a predetermined amount set bythe members, such as $500. The members may also select that the systemreminds them to settle up after a certain time period, such as biweekly,or not to send automatic reminders at all 1306. Individual privilegesfor each member may also be set up 1312, such as by giving members ofthe group administrative rights or allowing them to withdraw cash fromthe account. An administrative right is preferably the right to modifythe group's options, the right to add or delete members from a group,and/or the right to allow other members the right to withdraw cash fromthe group. Clicking on the “Submit changes” button 1314 saves changesmade to the group options, while clicking on the “Cancel” button 1316exits the member from the screen without saving.

FIG. 14 is an illustration of a graphical user interface of a “Join anExisting Group page” 1400 used in accordance with an embodiment of theinvention. By entering their email address 1402 and clicking on the“Join an existing group” button 1404, an email is generated and sent toan existing member of a group to ask if the potential member who enteredthe email address, may join their group.

FIG. 15 is an illustration of a graphical user interface of a “Create anew group page” 1500 used in accordance with an embodiment of theinvention. A new group may be created by entering a new group name 1502,selecting a type of group 1504 from a drop down menu, such as a roommategroup, entering the email addresses of those people who the member wouldlike to join the group, and altering the invitation message 1508, ifnecessary. Clicking on the “Go to group options page” 1510, saves thesedetails in a new group profile (126 and 134 of FIG. 1) and displays thegroup option page, displayed in FIG. 13, to the founding member so thathe or she might adjust the group's options. Clicking on the “Done”button saves the group with default options.

While the foregoing description and drawings represent the preferredembodiment of the present invention, it will be understood that variousadditions, modifications and substitutions may be made therein withoutdeparting from the spirit and scope of the present invention as definedin the accompanying claims. For example, members may pay funds into anaccount or withdraw funds from an account using a P2P system. Inparticular, it will be clear to those skilled in the art that thepresent invention may be embodied in other specific forms, structures,arrangements, proportions, and with other elements, materials, andcomponents, without departing from the spirit or essentialcharacteristics thereof. The presently disclosed embodiments aretherefore to be considered in all respects as illustrative and notrestrictive, the scope of the invention being indicated by the appendedclaims, and not limited to the foregoing description. Furthermore, itshould be noted that the order in which the process is performed mayvary without substantially altering the outcome of the process.

1. A non-transitory machine-readable medium including instructions whichwhen executed by a processor of a machine, cause the machine to performoperations comprising: establishing a group fund corresponding to ashared expense of a group that includes a plurality of group members;receiving transaction details via an electronic network, the transactiondetails describing the shared expense and identifying at least one ofthe plurality of group members responsible for the shared expense;assigning the transaction details to the group; and allocating theshared expense specified by the transaction details among the pluralityof group members of the group.
 2. The non-transitory machine-readablemedium of claim 1, further comprising balancing finances of the group.3. The non-transitory machine-readable medium of claim 2, wherein thebalancing includes: rounding up an original expense value of the sharedexpense to a new expense value having a predefined number of decimalplaces; and distributing a difference between the new expense value andthe original expense value to a third party.
 4. The non-transitorymachine-readable medium of claim 1, wherein the receiving comprisesacquiring transaction details which include remuneration details from agroup member.
 5. The non-transitory machine-readable medium of claim 1,wherein the receiving comprises acquiring allocation details dividingfinancial obligations of the group among said the plurality of groupmembers.
 6. The non-transitory machine-readable medium of claim 1,wherein the allocating includes: debiting the group fund with the sharedexpense specified in the transaction details; and allotting the expenseamong said the plurality group members in a manner specified in thetransaction details.
 7. The non-transitory machine-readable medium ofclaim 1, wherein the allocating includes: crediting the group fund withremuneration specified in the transaction details; and allotting theremuneration among the group members in a manner specified in thetransaction details.
 8. The non-transitory machine-readable medium ofclaim 1, further comprising charging a group member interest for payingthe group fund late.
 9. The non-transitory machine-readable medium ofclaim 1, further comprising determining that a group member has made anearly payment and paying the group member interest on an amount of thepayment until the payment is due.
 10. The non-transitorymachine-readable medium of claim 1, further comprising determining thatone group member is delinquent in paying a share of a shared expense andremoving the one group member from the group.
 11. An apparatuscomprising: a server controlled by a financial institution, the servercomprising, a memory; and a data processor to execute instructions, theexecution of the instructions is to cause receipt of transaction detailsvia an electronic network, the transaction details describing a groupexpense and identifying at least one of the plurality of group membersas being responsible for the group expense, the execution of theinstructions is to further cause allocation of the group expensespecified by the transaction details among one or more of the pluralityof group members of the group, and is to cause storage of thetransaction details and the allocation of the group expense in thememory.
 12. The apparatus of claim 11, wherein the execution of theinstructions by the data processor is to cause a balancing of financesof the group.
 13. The apparatus of claim 11, wherein the receipt of thetransaction details comprises execution of instructions to causeacquisition of remuneration details from a group member.
 14. Theapparatus of claim 11, wherein the receipt of the transaction detailscomprises execution of instructions to cause acquisition of allocationdetails dividing financial obligations of the group among the groupmembers.
 15. The apparatus of claim 11, wherein the data processor is toexecute instructions to cause a charge of interest to a group member forpaying a group fund late.
 16. The apparatus of claim 11, wherein thedata processor is to execute instructions to cause a determination thata group member has made an early payment and to cause payment ofinterest to the group member on an amount of the payment until thepayment is due.
 17. A computer-implemented method comprising:establishing, using a processor, a group fund corresponding to a sharedexpense of a group that includes a plurality of group members; receivinga request from a current group member of the plurality of group membersto add a new group member to the plurality of group members;transmitting the request to the new group member; adding, based on inputfrom the new group member, the new group member to the plurality ofgroup members; and allocating the shared expense among the plurality ofgroup members that includes the new group member.
 18. Thecomputer-implemented method of claim 17, further comprising balancingfinances of the group.
 19. The computer-implemented method of claim 18,wherein the balancing includes: rounding up an original expense value toa new expense value having a predefined number of decimal places; anddistributing a difference between the new expense value and the originalexpense value to a third party.
 20. The computer-implemented method ofclaim 17, further comprising receiving transaction details from a groupmember via an electronic network, the transaction details identifyingthe shared expense and at least one of the plurality of group membersresponsible for the shared expense, wherein the allocating of the sharedexpense is based on the transaction details.
 21. Thecomputer-implemented method of claim 20, wherein the allocating includesdebiting the group fund with the shared expense.
 22. Thecomputer-implemented method of claim 17, further comprising charging agroup member interest for paying the group fund late.
 23. Thecomputer-implemented method of claim 17, further comprising determiningthat a group member has made an early payment and paying the groupmember interest on the amount of the payment until the payment is due.24. The computer-implemented method of claim 17, further comprisingdetermining that one group member is delinquent in paying a share of agroup expense and removing the one group member from the group.
 25. Acomputer-implemented method comprising: establishing, using a processor,a group fund of a group that includes a plurality of group members;deleting a group member of the plurality of group members; andallocating funds in the group fund assigned to the group member beingdeleted among remaining group members of the plurality of group members.26. The computer-implemented method of claim 25, further comprisingallocating a shared expense among remaining group members.
 27. Thecomputer-implemented method of claim 26, further comprising receivingtransaction details via an electronic network, the transaction detailsidentifying the shared expense and at least one of the plurality ofgroup members responsible for the shared expense.
 28. Thecomputer-implemented method of claim 27, wherein the allocatingincludes: debiting the group fund with the shared expense specified inthe transaction details; and allotting the shared expense among theremaining group members in a manner specified in the transactiondetails.
 29. The computer-implemented method of claim 25, furthercomprising charging a group member interest for paying the group fundlate.
 30. The computer-implemented method of claim 25, furthercomprising determining that a group member has made an early payment andpaying the group member interest on the amount of the payment until thepayment is due.
 31. The computer-implemented method of claim 25, furthercomprising determining that one group member is delinquent in paying hisshare of a group expense and removing the one group member from thegroup.
 32. A computer-implemented method comprising: establishing, usinga processor, a group fund for payment of a shared expense of a groupthat includes a plurality of group members; assigning a transaction tothe group fund, the transaction being associated with the sharedexpense; and modifying the transaction based on input from a groupmember of the plurality of group members.
 33. The computer-implementedmethod of claim 32, including allocating the shared expense of themodified transaction among the plurality of group members.
 34. Thecomputer-implemented method of claim 32, including deleting thetransaction or a different transaction based on input from a groupmember of the plurality of group members.
 35. The computer-implementedmethod of claim 32, including balancing finances of the group.
 36. Thecomputer-implemented method of claim 35, wherein the balancing includes:rounding up an original expense value to a new expense value; anddistributing a difference between the new expense value and the originalexpense value to a third party.
 37. The computer-implemented method ofclaim 32, wherein the receiving comprises acquiring allocation detailsdividing financial obligations of the group among the plurality of groupmembers.
 38. The computer-implemented method of claim 32, includingsettling the group fund through an electronic network.
 39. Thecomputer-implemented method of claim 38, wherein the settling comprisestransferring funds from the group fund to a financial institutionaccount of a specific group member.
 40. The computer-implemented methodof claim 32, further comprising charging a specific group memberinterest for paying the group fund late.
 41. The computer-implementedmethod of claim 32, further comprising determining that a group memberhas made an early payment and paying the group member interest on theamount of the payment until the payment is due.
 42. Thecomputer-implemented method of claim 32, further comprising determiningthat one group member is delinquent in paying their share of a groupexpense and removing the one group member from the group.
 43. Acomputer-implemented method comprising: establishing, using a processor,a group fund for a group that includes a plurality of group members;receiving a transaction to remunerate one or more group members, thetransaction being to credit the group fund; assigning the transaction tothe group; and allocating the credit specified by the transaction amongthe one or more group members to be remunerated.
 44. Thecomputer-implemented method of claim 43, including deleting thetransaction or a different transaction based on input from a groupmember of the plurality of group members.
 45. The computer-implementedmethod of claim 43, including balancing finances of the group.
 46. Thecomputer-implemented method of claim 45, wherein the balancing includes:rounding up an original expense value to a new expense value; anddistributing a difference between the new expense value and the originalexpense value to a third party.
 47. The computer-implemented method ofclaim 43, wherein the receiving comprises acquiring allocation detailsdividing financial obligations of the group among the plurality of groupmembers.
 48. The computer-implemented method of claim 43, furthercomprising settling the group fund through an electronic network,wherein the settling comprises transferring funds from the group fund toa financial institution account of a group member.